‘Modest’ wealth tax could raise more than £10bn for public services, says TUC

Union body raises idea of levy on UK’s richest 140,000 people as it calls for ‘national conversation’ on issue

A “modest” wealth tax on the richest 140,000 people in the UK could raise more than £10bn to help pay for public services, according to the Trades Union Congress, which is calling for a “national conversation about taxing wealth”.

Research commissioned by the union umbrella body found that a “one-off wealth tax” of 1.7% on those with assets above £3m, rising to 3.5% for those with more than £10m, “could deliver a £10.4bn boost for the public purse”.

People with more than £3m would be hit with a marginal tax rate of 1.7%, which the TUC said would yield £2.7bn for the public purse.

On assets above £5m the tax rate would rise to 2.1%, raising another £3.2bn.

Above the £10m threshold the rate would rise to 3.5 %, raising £4.6bn.